In what will lead to very sad times for a lot of employees, a big pillar of European finance, Deutsche Bank has unveiled their radical restructuring plan that will see it cutting as many as 18,000 jobs in the next few years.
Making the statement, Christian Sewing, the CEO, called it a “restart.”
It’s part of what experts are calling a dramatic shift of their investment banking and retreat from Wall Street. They have been competing with their American rivals for over two decades but don’t seem to have come out any much better.
It’s a big and surprising move that many didn’t expect from the 149-year-old Deutsche Bank.
Many are even calling it the end of a very successful era despite the many years they have struggled to come up with consistent profits.
Talking about the upcoming job cuts, Christian Sewing the CEO, said “Today we have announced the most fundamental transformation of Deutsche Bank in decades.”
This will, unfortunately, still catch a lot of employees unawares as most have worked with them for many years and might find it hard getting back on their feet.
That’s why it’s always recommended for employees (men and women) to be involved in other side hustles or engage in other business ideas in their free time, in case they lose their jobs.
Even though it’s possible for many employees to get other jobs, the stress and worry of losing this job will definitely affect most negatively. And no matter how easy it is to get another job, most people prefer keeping things as they are.
Deutsche Bank has already cut thousands of jobs since April 2018 but many more thousands will still be cut by 2022.
They still haven’t explained exactly which jobs will be most affected or which countries will be most hit but it’s expected to hit employees from the US more.
It’s not surprising if part of these cuts came because of the collapse of the talks of merger between Deutsche Bank and its crosstown rival bank, Commerzbank (CRZBF).
Also the 25% drop in their shares last year didn’t help either. In June it even hit a real record low.
